Question 1

Identifying a company's most important customers does not help formulate strategy.

Accepted Answer

Identifying a company's most important customers can help formulate a targeted and effective strategy for retaining, serving, and potentially expanding their business. It can also inform decisions regarding resource allocation and prioritization of initiatives.

Question 2

Strategy does NOT specify how an organisation matches its capabilities with the opportunities in the market place.

Accepted Answer

Strategy is the process of matching an organization's capabilities with the opportunities in the market place to achieve its objectives. Therefore, the statement "Strategy does NOT specify how an organisation matches its capabilities with the opportunities in the market place" is incorrect.

Question 3

________ is an organisation's ability to achieve lower costs relative to competitors through productivity and efficiency improvements,elimination of waste,and tight cost control.

Accepted Answer

Cost leadership refers to an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control. Product differentiating is an organization's ability to distinguish its products or services from competitors through unique features or benefits. Market growth refers to the expansion of an industry or market as a whole. Product pricing refers to the strategy of setting the price for a product or service.

Question 4

Managers can assess the potential of a strategy and their ability to achieve their goal by identifying and analysing the strengths and weaknesses inherent in the organisation's capacity and capabilities (internal analysis)and the opportunities and threats prevailing in its environment (external analysis).

Accepted Answer

This statement is true as conducting both internal and external analyses is a common approach for assessing an organization's potential and ability to implement a strategy. By identifying the strengths and weaknesses of the organization's internal capabilities and assessing the opportunities and threats in its external environment, managers can make informed decisions about the best strategies to pursue.

Question 5

The best-designed strategies are valuable whether or not they are effectively implemented.

Accepted Answer

While designing a strategy is important, it is not enough on its own. The success of a strategy depends on its proper implementation, and a poorly implemented strategy may lead to negative results.

Question 6

External stakeholders include:

Accepted Answer

External stakeholders are individuals or entities outside of the organization who have an interest in the organization's success, and who can influence or be influenced by the organization. Shareholders are external stakeholders as they own a portion of the company and have a vested interest in its performance. Managers, employees, and the board of directors are all internal stakeholders as they are directly involved in the operation and management of the organization.

Question 7

Managers and employees are internal stakeholders,while external stakeholders include shareholders,lenders,creditors,suppliers,customers,the government and the community at large.

Accepted Answer

The statement is true as managers and employees are considered as internal stakeholders, whereas external stakeholders consist of various parties such as shareholders, lenders, creditors, suppliers, customers, the government, and the community at large.

Question 8

________ is an organisation's ability to offer products or services that its customers perceive to be superior and unique relative to the products or services of its competitors,and to earn a premium based on that differentiation.

Accepted Answer

Product differentiation is an organization's ability to offer products or services that are perceived to be superior and unique relative to the products or services of its competitors. This differentiation can be based on various factors such as quality, design, features, branding, and customer service. By offering unique and superior products, businesses can earn a premium price for their products, which in turn, helps them to achieve a competitive advantage and increase market share.

Question 9

There are several approaches that assist in forming strategy,one of which is a(n)________ analysis.

Accepted Answer

SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a commonly used approach to formulate a strategy. It helps in identifying an organization's internal strengths and weaknesses and external opportunities and threats, which is crucial to developing a well-rounded strategy. Internal and organizational analysis can be helpful, but they do not take into consideration external factors that can influence a firm's success. Therefore, SWOT analysis is the best choice.

Question 10

In designing strategy,what must a company match the opportunities and threats in the marketplace with?

Accepted Answer

In designing a strategy, a company must match the opportunities and threats in the marketplace with its resources and capabilities. Resources refer to tangible and intangible assets that an organization can use to perform its functions, while capabilities are the organization's ability to use its resources effectively to create value for customers. By matching opportunities and threats with its resources and capabilities, a company can create a strategy that leverages its strengths and mitigates weaknesses to succeed in the marketplace. The other options, branding opportunities, capabilities of current suppliers, and those of the CFO, are not as relevant to designing a strategy that matches opportunities and threats with the company's resources and capabilities.

Question 11

Complete a performance report for the month of May 2017,for the Bathurst Bulletin,a regional newspaper showing four columns: 1)Actual Result;2)Budgeted Amount;3)Difference: Actual Result minus Budgeted Amount;4)Difference as a Percentage of Budgeted Amount,given the following data:
 $$\begin{array} { | l | l | } 
\hline \text { Advertising pages sold } & 300 \
\hline \text { Budgeted advertising pages } & 910 \
\hline \text { Advertising revenue } & \$ 4368000 \
\hline \text { Budgeted advertising revenue } & \$ 4410000 \
\hline
\end{array}$$ 
Does the report indicate any cause for managerial investigation?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

The answer of Complete a performance report for the month...

Question 12

Which statement concerning an organisation's strategy is NOT true?

Accepted Answer

A good strategy does not necessarily overcome poor implementation. Implementation is a critical factor in the success of a strategy and poor implementation can lead to failure, even if the strategy itself is sound.

Question 13

SWOT analysis entails:

Accepted Answer

SWOT analysis is a strategic tool used to identify an organization's strengths, weaknesses, opportunities and threats. This helps the organization to understand its current position and make decisions on how to leverage its strengths, address its weaknesses, pursue opportunities and mitigate threats. Option B refers to a business strategy, option C refers to management accounting and sustainability, and option D refers to bringing costs and benefits of sustainability to the attention of decision makers in the public arena, which are not related to SWOT analysis.

Question 14

In forming strategy,senior management must first thoroughly understand the organisation and its environment.

Accepted Answer

Before forming strategy, senior management must conduct a thorough analysis of the organization and its external environment, including factors such as market trends, competition, and regulatory frameworks, among others. This helps them to identify strategic options and make informed decisions that align with the organization's strengths and mitigate potential threats.

Question 15

Management accountants should have little or no role in deciding on a company's strategy.

Accepted Answer

Management accountants can provide valuable input and analysis to support strategic decision-making. However, the final decision on a company's strategy should be made by the top management team, taking into account input from various sources.

Question 16

When competition is intense,there are strong potential entrants,there are many similar products in the market,there are few available suppliers,and customers are demanding.

Accepted Answer

These factors all contribute to a highly competitive market, which would make it difficult for existing businesses to maintain their market share and for new entrants to succeed. The intense competition would also likely result in price pressure and potentially lower profit margins for businesses.

Question 17

Companies can decide on an appropriate strategy based strictly on internally available information.

Accepted Answer

Companies need to consider external factors such as market conditions, customer needs, competition, and industry trends in order to develop a successful strategy. Relying solely on internally available information can lead to a narrow and limited perspective.

Question 18

Many managements of businesses follow one of two generic strategies: cost leadership or ________.

Accepted Answer

The two generic strategies mentioned are cost leadership and product differentiation. Therefore, the best choice to complete the sentence is A) product differentiation. This strategy focuses on offering unique and superior products or services to stand out from competitors, rather than just competing on price.

Question 19

The key to a company's success is always to be the low cost producer in a particular industry.

Accepted Answer

While being a low cost producer can be an advantage in certain industries, it is not always the key to a company's success. Factors such as quality, innovation, customer service, marketing, and brand recognition also play important roles in a company's success.

Question 20

How can customer focus result in increased profits for a company?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

The answer of How can customer focus result in increased...

Quiz 1: Management Accounting in Context

Identifying a company's most important customers does not help formulate strategy.

Strategy does NOT specify how an organisation matches its capabilities with the opportunities in the market place.

________ is an organisation's ability to achieve lower costs relative to competitors through productivity and efficiency improvements,elimination of waste,and tight cost control.

The best-designed strategies are valuable whether or not they are effectively implemented.

External stakeholders include:

Managers and employees are internal stakeholders,while external stakeholders include shareholders,lenders,creditors,suppliers,customers,the government and the community at large.

________ is an organisation's ability to offer products or services that its customers perceive to be superior and unique relative to the products or services of its competitors,and to earn a premium based on that differentiation.

There are several approaches that assist in forming strategy,one of which is a(n) ________ analysis.

In designing strategy,what must a company match the opportunities and threats in the marketplace with?

Which statement concerning an organisation's strategy is NOT true?

SWOT analysis entails:

In forming strategy,senior management must first thoroughly understand the organisation and its environment.

Management accountants should have little or no role in deciding on a company's strategy.

When competition is intense,there are strong potential entrants,there are many similar products in the market,there are few available suppliers,and customers are demanding.

Companies can decide on an appropriate strategy based strictly on internally available information.

Many managements of businesses follow one of two generic strategies: cost leadership or ________.

The key to a company's success is always to be the low cost producer in a particular industry.

How can customer focus result in increased profits for a company? _ _

Quiz 1: Management Accounting in Context

Identifying a company's most important customers does not help formulate strategy.

Strategy does NOT specify how an organisation matches its capabilities with the opportunities in the market place.

________ is an organisation's ability to achieve lower costs relative to competitors through productivity and efficiency improvements,elimination of waste,and tight cost control.

The best-designed strategies are valuable whether or not they are effectively implemented.

External stakeholders include:

Managers and employees are internal stakeholders,while external stakeholders include shareholders,lenders,creditors,suppliers,customers,the government and the community at large.

________ is an organisation's ability to offer products or services that its customers perceive to be superior and unique relative to the products or services of its competitors,and to earn a premium based on that differentiation.

There are several approaches that assist in forming strategy,one of which is a(n) ________ analysis.

In designing strategy,what must a company match the opportunities and threats in the marketplace with?

Which statement concerning an organisation's strategy is NOT true?

SWOT analysis entails:

In forming strategy,senior management must first thoroughly understand the organisation and its environment.

Management accountants should have little or no role in deciding on a company's strategy.

When competition is intense,there are strong potential entrants,there are many similar products in the market,there are few available suppliers,and customers are demanding.

Companies can decide on an appropriate strategy based strictly on internally available information.

Many managements of businesses follow one of two generic strategies: cost leadership or ________.

The key to a company's success is always to be the low cost producer in a particular industry.

How can customer focus result in increased profits for a company? _____________________________________________________________________________________________ _____________________________________________________________________________________________

How can customer focus result in increased profits for a company? _ _